On the recordNovember 1, 2017
Today I rise in support of the Fair Investment Opportunities for Professional Experts Act. This is a bipartisan bill. It expands economic opportunities for many, many Americans because, to date, only an individual's wealth has been taken into consideration when defining whether he meets the qualifications or she meets the qualifications of an accredited investor under our securities laws. The simple fix proposed by this bill will empower those with financial expertise and those with experience to join the ranks of those who can invest in private, high-growth companies. It was explained very eloquently here by the bill's author, and I think that this commonplace change is going to broaden the pool of startup capital. That is going to help companies looking to grow, companies looking to add jobs. At the same time, it provides an investment opportunity, one with greater upside and more risk, to those previously locked out of the private placement market. This includes many educated young Americans who have not yet had time to grow their pocketbooks but do have the expertise in these areas. Mr. Speaker, in closing, I have seen firsthand that the entrepreneurial spirit is certainly alive and well in California and all across this country, and this bill before us today ensures that more Americans can participate in both the risk and reward of the startup economy. Mr. Speaker, I urge all of my colleagues to support passage of H.R. 1585.
